AI startup AntWorks raises $15 mln from Japanese VC

AntWorks, a provider of artificial intelligence (AI) and automation products and solutions, on Monday said that it has raised $15 million from Japanese venture capital firm SBI Investment in a series A funding round.

The company did not disclose the valuation of the deal and other transactional details.
The Singapore-headquartered company pointed out that the funding will be utilised to fuel its growth plans across product offerings, strengthening its research and development (R&D) base, ramping up its marketing and sales channel, and foraying into newer markets.

SBI Investment, a subsidiary of financial-services company SBI Holdings, will also form a joint venture with AntWorks to expand its base and tap into the emerging AI market in South-East Asia.

AntWorks was founded by former vice-president and head of Infosys BPO for Asia Pacific, Asheesh Mehra along with Govind Sandhu in 2015.

“When Govind Sandhu and I started AntWorks with a small, passionate group of people, the dream was to create a company that would serve as a catalyst for enterprises on their digitisation journey,” Mehra, founder and group CEO, AntWorks said in a statement, adding that the investment and the joint venture with SBI Holdings is a validation and an opportunity to grow.

AntWorks has more than 450 customers with a presence in four continents. “Our goal is to empower enterprises in emerging markets like Philippines, India, China, etc,” said Sandhu, co-founder and CFO, AntWorks.